Cardoso trends on Twitter as naira gains 7.2% against dollar

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has become the talk of the town on Nigerian Twitter, now X, following the sustained appreciation of the naira against the United States dollar.

At the close of trading at the official market on Friday, April 12, 2024, the naira experienced a massive leap, exchanging for ₦1,142.38 to the dollar.

The huge appreciation represents a 7.16% gain when compared to the previous trading date on Monday, April 8, when it traded for ₦1,230.61 to a dollar before the Sallah holiday.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), put the naira gain on Friday at ₦88.23.

The development is a continuation of the resurgence of the local currency against the greenback. Recall the naira had plummeted to an all-time low early in the year, exchanging for ₦1,900.

The currency decline was attributed to the decision of the apex bank to unify the foreign exchange market to curtail arbitrage in the system.

The local currency suffered significant losses following two devaluations since last June, with a shortfall in capital inflows and interest rates compounding the situation.

However, the CBN has since turned the corner after Cardoso introduced a potpourri of measures that have helped to stabilise the currency.

Cardoso receives accolades on Twitter

Reacting to the news of the naira appreciation, many Nigerians took to Twitter to express their feelings.

As of the time of filing this report, 'Cardoso' is the number one item on the Nigerian trend table.

A peep into the tweets showed that many are satisfied with the development while others are maintaining cautious optimism.

While some citizens showered Cardos with praises over the resurgence of the naira, others wondered why the effect of the appreciation is yet to reflect in the prices of goods.

Below are Nigerians' reactions

Dr. Yemi Cardoso is a national asset that must be guarded jealously. He's whoever he thinks he is. Man is leading the monetary team in the right direction. May he never be exhausted #Naira #cardoso - @mb_abubakr
You know what is insane? Even though a bit aggressive, Cardoso has yet to do anything innovative; he is just following the fundamentals and not acting like a madman. Now imagine what would have happened if economic theories actually works in Nigeria - @zykson
I heard 1 USD is now 1,070 Naira. What's the Central Bank of Nigeria and Federal Government led by Cardoso and Tinubu doing respectively that the citizens cannot feel the impacts of the dollar fall in the market? Prices of commodities remain high. The case seems different during Godwin Emefiele's rein. @NigeriaGov should critically look into price control else it would remain a failed approach. - @trendwithola
Seems the Naira crashed against the dollar over the night down to N1,070. “If” 1 USD now is currently 1,070, my question is — Why are there no ripple effects on the price of items at the market? Why is fuel still selling between 680-720? Cardoso need to explain to us all. - @rukky_nate
Nice work CBN Governor Mr. Olayemi Cardoso Nigerians see your Good works. You are showing workings.... How many Retweet for him 👍🏿👏👏👏 - @abdullahayofel
Cardoso is getting something right.... Whatever it is, May he CONTINUE to get it right this way - @dmightyangel
Wale Edun and Yemi Cardoso. Men of the match in this government. - @WarriReporter